20. January 2011 · Comments Off · Categories: News, Symphony

After posting a $5.6 million deficit for the 2008-2009 season, the Baltimore Symphony Orchestra announced Wednesday that a balanced budget was achieved for the 2009-2010 season. That fiscal year, which ended Aug. 31, 2010, yielded an operating surplus of $4,116. This is the third balanced budget in the past four years.
“We’re moving in a cautiously forward direction,” said BSO president and CEO Paul Meecham. “It feels very different from last year.”

Although there were sufficient cash reserves to cover the ’08-’09 deficit, the challenges of balancing the ’09-’10 budget during the lingering recession proved considerable. Cost-reduction measures were taken across the board.

The budget was reduced to

$24.3 million from $28.3 million the previous year.
BSO musicians volunteered $1 million in reduced pay and benefits and spearheaded a productive fundraising campaign called Music Matters. Music director Marin Alsop contributed $50,000 to that campaign and also donated back $100,000 in conducting fees. Administration staffers also absorbed cuts.

On the other side of the ledger during FY2010, the orchestra received more than 10,000 contributions, the highest number in BSO history, up from 7,000 four years earlier.

Read that and more here.

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